‘No fuel price relief yet, but ethanol boost saves Rs 24,300 crore’
The Business Guardian|January 04, 2024
India's Ministry of petroleum and Natural Gas, led by Union Minister Hardeep Singh Puri, addressed concerns regarding fuel price cuts amidst the ongoing volatility in crude oil prices.
‘No fuel price relief yet, but ethanol boost saves Rs 24,300 crore’

Puri stated on January 3 that the government's focus remains on ensuring energy availability amid the unpredictability in crude prices, dismissing any immediate talks of reducing fuel prices.

Brent crude prices have experienced a sharp decline, hovering around $75 per barrel due to apprehensions about global demand. Puri noted the absence of discussions with oil marketing companies (OMCs) regarding price cuts, contrary to media speculations hinting at potential reductions in diesel and petrol prices.

Despite fluctuations in crude oil rates, Indian fuel retailers have maintained stable retail prices since April 2022. This decision to freeze prices, despite fluctuations in crude oil costs, has impacted OMCs such as Indian Oil Corporation Ltd (IOCL), Bharat Petroleum Corporation Ltd (BPCL), and Hindustan Petroleum Corporation Ltd (HPCL). While these companies have recently started to report profits, they refrained from adjusting prices despite the previous losses incurred during soaring crude prices.

هذه القصة مأخوذة من طبعة January 04, 2024 من The Business Guardian.

ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.

هذه القصة مأخوذة من طبعة January 04, 2024 من The Business Guardian.

ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.

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